Key Person Insurance


If a director or other key person of a business is suddenly out of the business for a prolonged amount of time or permanently, the business will suffer.

A key person is defined as someone whose absence would affect profits.

Some directors plan months in advance to take a week or two’s annual leave, but if they died, were involved in an accident or were seriously ill, little or no planning may have taken place for this time away and the effect could be catastrophic.

Everything that has been worked for could be lost; customers, staff, reputation and profitability will be at risk, and resources will be needed to keep the business going.

This could be sourcing a replacement and/or keeping the cash flowing until normality resumes, keeping the value in the business if it is to be sold, or providing funds for staff redundancy.

If insurance has been arranged to provide financial help to the business, money will be available to be used to replace the revenue or skill of a key person to the business.

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